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Unfinished South Redondo Mansion Update

Rami Nassif had a long career building estate homes in the South Bay.  A few of his Manhattan Beach Tree Section renderings are pictured below.

3117 Oak Avenue, Manhattan Beach

3117 Oak Avenue, Manhattan Beach

3008 Elm Avenue

3008 Elm Avenue, Manhattan Beach

 

 

 

 

 

 

 

640 30th Street, Manhattan Beach

640 30th Street, Manhattan Beach

However, problems arose when he strayed into South Redondo Beach some 11 years ago with ambitious plans for building some statement homes with big ocean views on North Paulina Avenue just south of 190th Street.

That’s when he bought 733 North Paulina and, a few months later, 723 North Paulina a few doors down.

733 North Paulina was going to be Rami’s dream home and construction did indeed begin at that site.  The speculation is that he was going to build out both properties by finishing 723 North Paulina and using the profits from its sale to complete 733 North Paulina.

723 North Paulina Avenue, South Redondo

723 North Paulina Avenue, South Redondo

Eventually, in 2009, the spec home at 723 North Paulina was completed – a 5-bedroom, 4200 sq.ft. Mediterranean with many unique architectural elements (including a 24-ft domed entry foyer) as well as sweeping ocean views from the top floor common living areas (the home was constructed with a reverse floorplan) and dramatic views from the rooftop deck.

Unfortunately, the real estate and financial markets didn’t cooperate.  It was January, 2009, and 723 N Paulina debuted on the market at $3,295,000.

The eventual sale price in August of that year?  $2,600,000.

So much for rolling the profit from that sale into his dream home at 733 N Paulina.

733 North Paulina Avenue

733 North Paulina Avenue, South Redondo

Construction on 733 N Paulina had come to a halt in 2008 and was never resumed.  Today it sits as a half-finished eyesore, an aged and weather-beaten shell with deteriorating plywood surrounded by a chain-link fence covered in green tarp.

Two weeks ago, Mr. Nassif was convicted of 13 misdemeanor charges for maintaining a public nuisance and safety hazard and could get jail time.  The Redondo Beach City Prosecutor is also looking to secure a demolition order from the court.

As an aside, you can see the beautifully-rendered 723 N Paulina today with an appointment.  The current owners have been trying to sell it for a year now, starting at – you guessed it – $3,295,000 in April of last year.  Apparently no one told them that starting price is bad luck.  It’s still on the market but now it’s listed for $2,699,900.

You can also view 733 N Paulina today if you climb the chain link fence.  Hurry, though.  This one may soon be slated for demolition if the City has its way.

 

 

 

 

 

 

Deal or No Deal – Off-Market Lot Sales Continue

Real Estate Edge by Mike Michalski & Sachi Fujita

Another bunch of lots have sold off-market in Manhattan Beach, with one buyer getting a particularly sweet deal. See if you can spot which buyer is the winner in these six off-market lot sales.

Off-Market in Hermosa

Real Estate Edge by Mike Michalski & Sachi Fujita

The phenomenon of high-end homes selling off-market is not confined to the tonier enclaves of Manhattan Beach. Some pretty nice homes have also been showing up on the MLS as ‘Pending’ and ‘Sold’ in Hermosa Beach. here’s some background on four off them.

Off-Market Sales Not Confined To Just Lot Sales

Real Estate Edge by Mike Michalski & Sachi Fujita

The “underground economy” for real estate sales in the beach cities is not just confined to builder-purchased lots.
Finished homes are also selling off-market (ie. before they hit the MLS). Here are some recent examples.

New Listing – 364 Richmond Street, El Segundo

Real Estate Edge by Mike Michalski & Sachi Fujita

The team of Michalski & Fujita has listed a townhome at 364 Richmond Street in downtown El Segundo just a block from restaurants, wine bars and farmers market. This 2000-built Mediterranean-style home features 3 bedrooms, 2½ baths and 1765 sq.ft. Read more details here.

Small Homes – Expensive Prices

Real Estate Edge by Mike Michalski & Sachi Fujita

Three recent sales of small, 3-bedroom, 2-bath homes in the Manhattan Beach Tree section highlight the rapidly rising prices for even entry-level homes and fixers in the beach cities. Read more here.

Lots of Lots Are Trading Off-Market

Real Estate Edge by Mike Michalski & Sachi Fujita

The steady stream of off-market sales of lots to builders (and certain lucky owner-users with money) continues unabated here in the beach cities, with Manhattan Beach serving as ground zero for this sort of activity. Here are three recent sales.

Revised Format for The Daily News

Due to the press of our regular real estate business and the intensifying activity in the local real estate market, we are streamlining our Daily News format to report selected new listings and sales which appear (at least to us) to be noteworthy, rather than provide a comprehensive daily list of every new listing and […]

Pining For Pine Avenue

Real Estate Edge by Mike Michalski & Sachi Fujita

The Michalski & Fujita team has been busy lately, with most of our activity seemingly centered around one street in the Manhattan Beach Tree section – Pine Avenue. See a description of our most recent listing at 1800 Pine Avenue, a beautiful rendition of Spanish Colonial Revival, now in escrow.

How To Double Your Money In Real Estate? Wait

Real Estate Edge by Mike Michalski & Sachi Fujita

Every week some new listing has us amazed at how the real estate market has turned around so dramatically in the past year. This week’s shocker is an ultra-modern Michael Lee-designed townhome in a 5-unit complex with 4 bedrooms, almost 2700 square feet of living space and unblockable ocean views. It’s also in the northernmost portion of Manhattan Beach and east of Highland. No matter, the seller reaped a substantial return on the resale. Read more here.

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